Bank of England to crack down on 'secretive' cloud computing services
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Re: Bank of England to crack down on 'secretive' cloud computing services
#2TLDR "Secretive" means "big providers could dictate terms and conditions - as well as prices - to key financial firms."
Re: Bank of England to crack down on 'secretive' cloud computing services
#3We do business in the US financial sector, and the sentiment we are getting with regard to cloud vs on-prem seems to be growing into a bimodal distribution.
I would say it's nearly a 50/50 split until we have conversations about how our product actually works and the incredibly sticky problem that is PII...
Once the risks are reviewed in open and honest ways, we find that virtually all of our clients would prefer to keep our solution on-prem. Only those who have already made a full step into cloud compute have to continue to take exception for obvious practicality reasons.
Re: Bank of England to crack down on 'secretive' cloud computing services
#4> But big providers could dictate terms and conditions - as well as prices - to key financial firms.
What exactly is the concern here? Cloud compute is becoming cheaper over time due to market forces. Its not like Amazon is cornering the market for CPUs.
Re: Bank of England to crack down on 'secretive' cloud computing services
#5TLDR "Secretive" means "big providers could dictate terms and conditions - as well as prices - to key financial firms."
Thanks, I only skimmed this headline and assumed “secretive” meant groups of developers set up their own AWS/GCP/Azure accounts because they were hitting walls with the company’s IT dept.
Re: Bank of England to crack down on 'secretive' cloud computing services
#6> But big providers could dictate terms and conditions - as well as prices - to key financial firms. What exactly is the concern here? Cloud compute is becoming cheaper over time due to market forces. Its not like Amazon is cornering the market for CPUs.
> What exactly is the concern here?
Top of the article:
> Concentration of compute could threaten financial stability.
If BigCloud goes down, so does banking, and banking doesn't seem to like that - and I'm with them.
Re: Bank of England to crack down on 'secretive' cloud computing services
#7> But big providers could dictate terms and conditions - as well as prices - to key financial firms. What exactly is the concern here? Cloud compute is becoming cheaper over time due to market forces. Its not like Amazon is cornering the market for CPUs.
> What exactly is the concern here? Top of the article: > Concentration of compute could threaten financial stability. If BigCloud goes down, so does banking, and banking doesn't seem to like that - and I'm with them.
Also changing IT in a bank is slow, dead slow. A bank wouldn’t be able to cope with being booted overnight from its infrastructure Parler-style.
Re: Bank of England to crack down on 'secretive' cloud computing services
#8Earlier quoted context omitted.
> What exactly is the concern here? Top of the article: > Concentration of compute could threaten financial stability. If BigCloud goes down, so does banking, and banking doesn't seem to like that - and I'm with them.
Also changing IT in a bank is slow, dead slow. A bank wouldn’t be able to cope with being booted overnight from its infrastructure Parler-style.
That FUD is unwarranted. No bank is going to be kicked off it’s infrastructure. Bringing up Parler seems completely irrelevant.
Re: Bank of England to crack down on 'secretive' cloud computing services
#9TLDR "Secretive" means "big providers could dictate terms and conditions - as well as prices - to key financial firms."
Thanks, I only skimmed this headline and assumed “secretive” meant groups of developers set up their own AWS/GCP/Azure accounts because they were hitting walls with the company’s IT dept.
That is what I thought the article was about, too.
Re: Bank of England to crack down on 'secretive' cloud computing services
#10The risk Bank of England doesn't like comes with the territory, and everybody who uses public cloud is subject to it. The only difference is that smaller companies don't have a big megaphone or the clout that they have, and must either accept the terms and shut up or find an alternate solution. If Bank of England wants to use their power constructively, they can literally go shopping for data center and IT companies to serve their needs.